Get Rich Quick. Have you ever tried one of those ideas? Or a quick weight loss program? Although your hopes were high in the beginning, in the end, you probably learned that it was a scheme. Why does this happen?
Get Rich Quick Schemes
Because these “get [fill in the blank] ideas” have been around since the beginning of time. New ideas offer hope because we don’t have experience with them. We can’t ground our expectations. New strategies are appealing and attractive when compared to old ones because there is a lot of conviction and belief.
The first time you learn about a get rich quick opportunity, there is a lot of expectation about what could happen. Maybe you start thinking about the house you want to buy, the car that you want to drive, or the increase in your social status. Your expectations are based solely on potential.
Over time hope declines and your expectations are grounded in reality. You start to understand how the process works and your great views are replaced with more accurate predictions. Eventually you accept the likely outcome. You didn’t get rich quick.
Why Do We Make These Mistakes?
Why do we continue to make these costly mistakes? New get rich quick ideas are flashy, fun, and exciting. Famous people are doing it, your friends are doing it, so you should do it too. Peer pressure still exists in adulthood.
Sticking with tried and tested ideas is boring and for those who don’t want to take risks, like your grandmother. However, everything your grandmother told you about life is usually true. She would never bet the farm on a new and flashy idea so why would you?
So What Can You Do?
When you’re caught up in the fever of getting rich, it can be very, very hard to accept dissenting points of view. Talk to an objective third party, like your grandmother. Better yet, talk to a certified financial planner about your get rich quick idea to understand if it’s appropriate for you. You can set up a free consultation with me.